What is you plan for the 5 terminators and chaos lord? That’s 435 points for 6 models, who can be totally wiped with AP2 weapons or assault from a horde army unit. Comparatively, you could run the Lost and the Damned (or alternatively the similar Crimson Slaughter Cult of Slaughter Fm) with a Dark Apostle and ~60 difficult to get rid of cultists. You could also pick up a Renegade Knight for that cost or convert the not-always-reliable Helbrute to a Mulerfiend or Forgefiend.
My plan was for them to Deep Strike somewhere where they could do some damage, perhaps try to catch the enemy on two fronts if all goes well. Deep Striking isn't too reliable, especially since Chaos Marines can't manipulate their reserves as well as some other factions, so I have the option of modifying my plans as they come.
Also, I’m curious what your thinking behind the level 3 psykers is. Presumably you’d put some of your powers in Malefic Daemonology. Anything else?
He wouldn't be doing any summoning because, as you said, he perils much easier for not a whole lot of effectiveness. 3 more Warp Charges would help the Daemon Prince with his summoning, though, so I was going to use him as more of a support psyker/psychic battery for now.
Your list depends on the Daemon Prince and the Sorceror for summoning. Thinking the DP is going to be a fire magnet and the Sorceror is not going to be able to summon enough stuff to make it a threat. Needs more psykers.
Swapping out the Chaos Warband for The Lost and the Damned freed up a lot of points, enough to get another Sorcerer. It's a start.
The Chosen / Terminator combo bothers me. The Chosen die too easily, and the Terminators don't have enough damage output. The 2 flaws don't add up something good. Take one or the other.
Yeah, I was thinking that too. I decided to drop the Chosen, but the Terminators are still up in the air. A Terminator Annihilation Force might make them a little more effective, but not sure how much more effective.